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Self-employed Tax Tips

If you are a person that is self-employed or maybe you know someone that is self-employed, then this post may be beneficial for you or someone you know. It is important to understand that CPAs are great people that often have several clients and because they are human, they may even forget to add a deduction or two so, it is in anyones best interest to understand at least a few of their options so they can at least be sure theyre receiving a few of the benefits of being self-employed. Always remember that you are responsible for your tax return and that is why your signature is needed.

Self-Employment Tax Deduction is a great deduction. Here is how it works, when your employed for yourself, your tax are 15.3% and must be paid by all those that work for self, 2.9% are the Social Security tax that is comprised from Medicare and social security taxes which is 1%. If you are a person that works for a company then you get a W2 and your employer pays ½ of your Social Security tax which is 7.65% and if you think about it this alone acts as a reason to not be self-employed. To be able to compete with this the IRS lets you adjust your gross income by half of your self-employment tax.

There are deductions for Health Insurance. Your income tax can be reduced with this deduction but not your self-employment tax. If you are one of those people that paid for your own health insurance you can deduct the premium as long as you didnt receive a W2 or you werent in a group health plan that maybe a spouse has through their job. In order to figure out what your deduction will be you will need to subtract 50% of your income earned from self-employment tax, deduct any contributions made to an IRA and whatever is left is your deduction for. In simpler terms, if after you have totaled up everything and you made $2500 but your yearly premium was $3000 then you can deduct the entire $2500.

Any office equipment that you have bought for your office can be used as a deduction. Now, over time we know that these depreciate but you should take advantage of the deduction and that is up to $250,000 a year in equipment. Keep all of your receipts for any equipment that you have purchased.

Most self-employed businesses have to network and go to meetings and other things of this sort and because of that these things can be used as a deduction as well. You are able to subtract up to 50% of your entertainment and meals as long as they were made for the purpose of business. Always, always keep your receipts and records of the whys and whens in the event that you are ever audited.

Hopefully you find these self-employed tax tips beneficial to you and always remember to keep all your receipts.

Ethics For Florida Cpas

Across the country, CPAs (also known as certified perfect accountants) are responsible for providing accounting assistance to individuals and businesses. Did you know that you cannot call yourself a CPA legally unless you have passed through the training and requirements laid out by the Division of Certified Public Accounting (DCPA.) A part of the Department of Business Professional Regulation in Florida, the DCPA creates the rules and regulations responsible for the standards and education for certified personal accountants.

A crucial part of the DCPA is ensuring that all professional accountants receive training in the ethics of accounting. At the crossroads of ethics and accounting, several major challenges can occur during an accounting job. Ensuring that every accountant can approach these problems with the same level of education, the ethics courses are required for the recertification of a CPA. Lets take a moment to review the ethics for Florida CPAS and see what are covered in their ethics courses.

Ethics For Florida CPAS

When getting certified, every public accountant must take about 4 course hours on the topic of ethics. In addition, those looking for recertification must take an ethics course. The ethics course is 4 hours long and will involve a comprehensive look at several key issues that a certified public accountant may find themselves dealing with. The course can be taught online or in person. The only requirement is that the course pass the standards put into place by the DCPA. Once approved by the board, the course can begin counting towards the mandatory recertification process.

What Is Covered In The Ethics Course?

The ethics course is devoted towards several important points. First, there is an emphasis on building the fundamental points that the board require that every accountant understand. The reason for this is to assure that every accountant has the same basic ability. That way, any client in the state can rest assured that their accountant will approach matters of ethics and accounting in a similar manner. An ethics course will also approach aspects of accounting where there are varying levels of responsibility in ethics. For example, an ethics course will help to approach how an accountant should respond when faced with a dilemma that challenges their ethical standards, the ethical standards of the Illinois Board, the standards of the company, and the standards put into place by the codes of conduct. Requiring only a few hours a day, the ethics course is an incredible opportunity to ask questions and figure out a way of approaching problems that are not simple to understand at first.

Reduce Work Stress By Hiring Nh Accounting Services

There are many things in your life that you need to keep track of, many of which are quite important. Medications, meetings, doctors appointments are all big deals in daily life. So is keeping track of your financial records, though this is a chore that often doesn't get done nearly as often as it should. Hiring accounting services to do it for you ensures it does get done in a timely and organized manner.

If you are looking for help with your personal finances, look for someone who provides services that focus on this type of finance. There are all kinds of NH accountants and CPA firms, but for your personal income, you need someone who knows how to handle things like taxes, income and spending. They can not only help you keep track of all these things, but they can also help you understand what it all means to you.

Instead of personal, if your need for guidance and help revolves around a business, then you may want to seek out a different type of accountant. If you own your own small or medium size business, there are accountants who specialize in that type of company. If you own or work for a larger company or even a multinational conglomerate, then look for that kind of specialist.

No matter which kind of pro you settle on, they all can help you get your books in order, and especially help you with your taxes. Tax season can be a really stressful time, especially if you own your own business, because then you must do your own taxes in addition to the ones for work. Outsourcing this stressful job ensures things get done accurately and in a very timely manner that meets any new tax laws that may have sprung up.

The main thing when it comes to keeping track of your company's financial records is to have a great bookkeeping system that works for your type of business. There are software applications that are easy to install on a computer or tablet that can help with this, which is something a service provider can help you with.

There is much more that an accountant can do besides just give you tax advice. They can also audit your business to see if there are any discrepancies that are draining funds from your company. You may be overpaying for something or making poor decisions that you are not aware of. They can also help you avoid that other kind of audit, the one that comes courtesy of the IRS.

When searching for a NH CPA or accounting firm, decide if you need a personal specialist, business one or perhaps both. Then look for positive reviews online and testimonials that ensure that this person or company has a lot of satisfied customers. Then look at their fee schedules and make sure that you can afford them, which requires you to come up with a budget for this service. Then you can decide on a work arrangement and sign up for their services.

There are lots of things to keep track of when it comes to money, but if you cannot do all that record keeping on your own, source out the work to a service provider instead. It may cost you money now, but it can save you lots of time and money in the long run.

Brisbane Businesses - Simplify Your Accounting

If you’re looking for an Accounting Firm in Brisbane that are leaders in Xero, then Northern Business Consultants (NBC) should be your first choice.

NBC are Brisbane’s Xero experts, and are ranked in the top 5 Xero Gold partners in Brisbane.

As a leading Gold Partner, NBC have implemented Xero cloud accounting for hundreds of businesses and have successful connected add-on solutions to help make accounting for their clients much easier. With all of this experience comes expertise, so you can trust them to do the same for you.

NBC Cloud integrators are skilled at assisting businesses transition from their existing, outdated accounting software to Xero. They also provide the training and support that has made them a leader in their field.

Whether you’re an entrepreneur, big business owner or manager, NBC works to understand you, your business and its needs. They strive to provide real-time solutions and practical advice to make your Xero accounting experience even more streamlined.

There are so many benefits to using Cloud based accounting software and Xero in particular which is why NBC have been moving their clients over since 2009.

One of the greatest benefits must be the amount of time saved, and in business time saved is money saved. Cutting down on unnecessary paperwork means a lot less hassle bookkeeping and storing files as well as backing them up in case your system crashes. With Xero it’s so much easier running your business and there’s a lot less paperwork.

It also helps you to know the financial position of your business at all time. The efficiency of Xero is another massive benefit, allowing you to easily generate reports with the relevant information, updated daily. You can know immediately whether there’s money available for this or that.

With all of these benefits you’d be forgiven for thinking cloud accounting software is expensive. But the truth is, regardless of the size of your business, however many users you have can access your information. You won’t need to shell out more money to buy licenses for every user or waster time with costly upgrades. The updates to Xero are automatic and won’t cost you.

Xero helps you do business fast, really fast. You can even send invoices on the go. And once that invoice is sent, you can see when the client opens it, so you get paid faster too.

This is a wonderful tool for helping to grow your business. Xero helps you create financial statements when trying to get a business load or plan for the future. You can also view and share your interactive reports and budgets in real time with your team. There’s no longer any need to wait until the end of month, know where your business stands at any given time.

Cloud accounting also makes paying employees easier by reducing manual data entry and increasing compliance because accounting and payroll can be combined.

Speak to a Xero Certified Advisor at NBC today.